3 reasons why USDC stablecoin dropping below $50B market cap is Tether's gain
The stablecoin's top-rival Tether has witnessed growth in its market cap, on the other hand. The market capitalization of USD Coin (USDC), a stablecoin issued by U.S.-based payment tech firm Circle, has dropped below $50 billion for the first time since January 2022.On the weekly chart, USDC's market cap, which reflects the number of U.S. dollar-backed tokens in circulation, fell to $49.39 billion on Sept. 26, down almost 12% from its record high of $55.88 billion, established merely three months ago. USDC versus USDT weekly market cap chart. Source: TradingViewIn contrast, the market cap....
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Amid Tether losing market share over the past few weeks, the Circle-backed USDC stablecoin has been notably growing, with the market value surging to $55 billion. Tether (USDT), the biggest stablecoin and the third largest digital currency by market capitalization, continues losing its market value amid the current market downturn.On June 16, USDT’s market cap dropped below $70 billion for the first time since October 2021. The drop followed a cascade of repeated declines shortly after the USDT market value reached its all-time high above $80 billion in May.At the time of writing, Tether....
The growth of USDC in 2021 is more tremendous than that of Tether. The Ethereum-based USDC stablecoin is gaining immense traction as the experts deem it as the most dominant asset. In coming weeks it is very likely USDT’s share of the stablecoin supply on Ethereum will fall below 50% for the first time. USDC […]
The 50 billion USDC circulating milestone has increased Circle’s share of the stablecoin market to almost 30%. The world’s second-largest stablecoin by market capitalization keeps on growing as it erodes the dominance of the current leader, Tether.The stablecoin landscape is a constantly-shifting dynamic but one trend has become clear over the past year or so — Tether’s dominance is diminishing.Its main rival, Circle, has just reached a milestone of 50 billion USDC in circulation according to CoinGecko and a Feb. 1 tweet by company co-founder and CEO, Jeremy Allaire.50 BILLION USDC (w/....
The USDT-to-USDC market cap ratio fell to its lowest ever in July 2022. The growth of Circle's native stablecoin USD Coin (USDC) in the last two months compared to its $66-billion rival giant Tether (USDT) is nothing short of spectacular.USDT, USDC market cap ratio hits the lowest on recordNotably, USDC's market capitalization has grown by 8.27% since May, reaching its highest level of $55.9 billion on July 2. In contrast, USDT has suffered an over 19% drop in its market valuation, currently treading around $66.14 billion.USDT circulating market cap. Source: MessariThis is the closest USDC....
Paolo Ardoino, chief technology officer, of Tether and Bitfinex, explains why USDT will retain its dominance in an increasingly competitive stablecoin market. Paolo Ardoino, the chief technology officer of Tether and Bitfinex, is confident that Tether will preserve its status as the most used stablecoin, despite the rapid growth of competitors such as USD Coin (USDC). “If you see the volumes of Tether compared to the rest of stablecoins, they are insanely higher. They are even 10 times higher on a bad day,” he pointed out. According to a report from Arcane Research, USDC, the....